Changpeng Zhao (CZ), the founder of Binance, has spoken about his involvement in the UAE’s increasing acceptance of Bitcoin.

The UAE’s Bitcoin holdings have surged past $1 billion, bolstered by mining efforts and ETF acquisitions. In a recent tweet, CZ revealed that he played a small part in this progress, indicating that he may have helped advocate for Bitcoin’s recognition as a legitimate store of value, akin to gold.

“I might have done a tiny bit of advocacy for this,” commented the Binance founder.

Since relocating to Dubai in 2021, CZ has impacted various stakeholders in the region, influencing their views on Bitcoin and the broader crypto landscape. Notably, through the royal family of Abu Dhabi’s involvement in Bitcoin mining via Citadel Mining, significant investments have been made, amassing over $450 million worth of Bitcoin by 2022.

Additionally, major investment entities in Abu Dhabi, like Mubadala and Al Warda Investments, have collectively invested over $1 billion in Bitcoin ETFs, securing substantial stakes in BlackRock’s iShares Bitcoin Trust.

As of last year, Mubadala held approximately 12.7 million shares in the Trust, while Al Warda owned nearly 8.21 million shares, valued at around $631 million and $408 million, respectively.
Despite fluctuations in Bitcoin prices, the UAE’s overall Bitcoin investments continue to exceed $1 billion, positioning Bitcoin as a core reserve asset recognized by the government.